Compliance

Lenders grudgingly embraced some changes in FASB's new loan-loss accounting requirements, and they get more than three years to comply, but a number of implementation pitfalls still lie ahead.

The National Credit Union Administration announced Friday that Texans Credit Union, a $1.5-billion institution based in Richardson, Texas, has emerged from conservatorship and is once again under the control and direction of its members.

In its second "Board Briefing" since Chairman Rick Metsger introduced the practice, officials outlined their plans to add an "S" – for interest rate sensitivity – to the regulator’s existing "CAMEL" examination rating system.

NAFCU opposes proposal to increase the National Credit Union Administration's Board to five members, while CUNA supports the idea. Other industry insiders note potential increased costs to regulator's staffing budget but potential benefits too.

House Republicans' plan to subject all federal regulators to the Congressional appropriations process is alarming industry observers, who argue it could hurt both banks and consumers.

Regulator announces at NAFCU conference that it will release more details on proposed budget in advance this year so stakeholders can review and analyze the information beforehand.

If banks don't weigh in on an appropriate privacy standard, they risk letting outside events spark onerous new regulations.

Bank of New York Mellon will pay a $30 million penalty to the U.S. Securities and Exchange Commission in a settlement related to the bank's pricing of foreign-exchange transitions.

First NBC Bank Holding in New Orleans, which delayed the release of its 2015 annual report earlier this year, said it has submitted a plan to Nasdaq to get back on schedule with its filing of financial statements.

Beavercreek, Ohio-based Wright-Patt Credit Union has come under fire due to a legal defense donation fund created by the father of convicted rapist Brock Turner, whose court case and surrounding circumstances have stirred national outrage.

Mere days after pressuring Visa to scrap plans for a fee that would allegedly would penalize issuers for shifting volume to other card networks, Sen. Dick Durbin, D-Ill., went after MasterCard about a different fee.

Michigan Governor Rick Snyder signed the Michigan Credit Union Act update on June 9 — the first comprehensive update to CU laws in 13 years, according to the Michigan CU League.

Advocates of CU payday products offer mixed reviews of the bureau's proposed rule aimed at curbing predatory lending.

Lost in the wave of shopping and payment innovation is just how remarkable the change has been--as little as 10 years ago, transaction options were pretty static and wristwatches were time-telling relics rather than futuristic vessels for shopping.

WASHINGTON — The House Appropriations Committee approved a bill Thursday that would subject the Consumer Financial Protection Bureau to the appropriations process, among other things.

The federal agency expressed skepticism about industry-developed standards Thursday, suggesting that there is currently no way to enforce the rules or punish bad actors.

The clock is ticking to amend Dodd-Frank Act regulations before consumers in rural communities run out of borrowing options, community bankers from Kansas and Oklahoma told a House panel on Thursday.

When it was created in 2006, the Payment Card Industry Security Standards Council was billed as an independent body to manage the data security standards process for the payments industry. It has been under fire from merchants ever since.

Highlands Bancorp in Vernon, N.J., has raised $7.5 million to exit the Small Business Lending Fund.

Lenders are questioning the legal justification for the Consumer Financial Protection Bureau's putting a 36% annual percentage rate threshold in its payday proposal, claiming loans made at that rate are unprofitable. That figure has been the subject of intense debate in the past decade.